Issue - meetings
Financial Outlook 2023/2024
Meeting: 18/10/2022 - Cabinet (Item 5)
5 Financial Outlook 2023/2024 PDF 164 KB
Minutes:
Background:
This report set out the initial assumptions underpinning the financial pressures projected by the Council’s services alongside projections of the Council’s income streams insofar as they impacted the 2023/24 budget.
The report provided details of the resource projections. Initial projections for income for 2023/24 amounted to an increase in resources available of £16.001million. Initial projections for the cost of services would add a pressure of between £48.361 – £72.244million, therefore, this represented a potential budget gap for the Council of £32.626 – £56.243million.
Decision number:
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Decision:
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109/2022 |
The Cabinet noted the initial forecast level of budget pressures and funding for 2023/24 and the projected budget deficit identified and instructed the Corporate Management Team to bring forward proposals to address the projected budget deficit. |
Reasons:
This report is important in providing the framework underpinning the budget setting process for 2023/24.